The US President has once again advocated for restoring economic ties with Moscow

US President Donald Trump has cited Russia's vast territory and valuable land as a reason for restoring economic ties between the nations in an interview with the conservative news outlet Breitbart.

The remark followed Tuesday's phone conversation between Trump and his Russian counterpart Vladimir Putin, where the two leaders focused on bilateral relations and the Ukraine conflict.

The presidents agreed that improved ties between the US and Russia would have a "huge upside," leading to "enormous economic deals" once peace has been achieved, according to the White House.

In the interview, Trump said that the US "should be dealing with Russia."

"They have the largest piece of land by far, bigger than China. They have 11 time zones. You can fly through 11 time zones from one side to the other. They have very valuable earth," Trump said.

The US President went on to mention the rare earths deal with Ukraine which he had sought in order to compensate for the billions the previous administration had given Kiev in aid. Vladimir Zelensky visited the White House in late February to sign the agreement, but the talks became contentious, ending abruptly without the deal being finalized.

After the phone call with Putin on Tuesday, the White House said it has moved beyond "just the economic minerals deal framework" and was now focused on a long-term peace agreement.

Putin said in February that Moscow was prepared to collaborate with Washington on developing its own rare earth mineral deposits, with Trump indicating he was open to the idea.

Rare earth elements (REE) are a group of 17 metallic elements which are indispensable in modern technology due to their unique chemical and physical properties. They are used in the manufacturing of electronics, defense systems, and in renewable energy technology. They are seldom found in the planet's crust in concentrated forms, making their extraction both challenging and costly.

According to an estimate from Russia's Federal Agency for Mineral Resources, the country accounts for over 20% of the world's total stockpile of REEs. Despite the abundance, Russia's current share of global REE production is less than 1%, indicating significant potential for development.

READ MORE: Trump wants Russia rare earths deal

Forbes estimated in 2023 that 70% of Ukraine's REE deposits are in the Donetsk and Lugansk regions, which declared independence in 2014 following the Western-backed Maidan coup in Kiev. These territories came under Russian control after popular referendums in 2022.